SENATE COMMERCE COMMITTEE
STATEMENT TO
SENATE JOINT RESOLUTION No. 91
STATE OF NEW JERSEY
DATED: MAY 13, 2024
The Senate Commerce Committee reports favorably Senate Joint
Resolution No. 91.
This joint resolution designates the month of August of each year
as “Black Business Month” in support of Black-owned businesses in
the State of New Jersey.
Black-owned businesses are an essential part of New Jersey’s
economy. According to the U.S. Census Bureau, Black-owned
businesses account for 10 percent of all businesses in the United
States, or roughly 2 million companies. More than half of all Black
business owners are female, a higher percentage than any other
demographic. Over the past several years, the number of Black-owned
businesses has been growing at a higher rate than overall business
growth in the United States. Despite rapid growth, the percentage of
businesses owned by Black Americans is still substantially lower than
the percentage of Black Americans in the population of the United
States. An increase in the proportion of Black-owned businesses would
promote greater economic freedom for Black Americans and be
beneficial to both the Black community and the overall economy.
Black-owned businesses have been disproportionately impaired by
the COVID-19 pandemic, with 41 percent of Black-owned businesses
closing during the pandemic compared to 17 percent of white-owned
businesses and roughly one third of all small businesses. These
business closures have exacerbated the economic disadvantages faced
by Black Americans every day. Economic issues are interrelated, and
by offering support to Black business owners, New Jersey can work
toward improving issues of unemployment, wealth accumulation, and
home ownership for Black residents.
“Black Business Month” was established nationally in August
2004 by historian John William Templeton and engineer Frederick E.
Jordan Sr. The objective of Mr. Templeton and Mr. Jordan was to
influence the policy agenda affecting Black-owned businesses, to
support Black-owned organizations, and to promote greater economic
freedom for the Black community. The observance of “Black
Business Month” each year provides an opportunity for government
officials, community leaders, and business leaders to focus on ways to
support Black business owners and help Black-owned businesses
thrive.